HSBC, Europe's biggest bank by market value, set aside a further $1.15 billion to cover potential U.S. fines for failing to stop money laundering in its Mexican unit and to compensate UK customers for mis-selling payment-protection insurance. The provisions were announced Monday along with a 52 percent fall in quarterly net profit, to $2.5 billion from $5.2 billion a year earlier. HSBC says it is likely to face criminal charges in the money-laundering case, stemming from its 2002 acquisition of Grupo Financiero Bital.

Banks have temporarily waived a variety of fees and late charges for residents of states hit hard by Superstorm Sandy. It's an effort to ease pressure on customers to make bill payments when many remain without power.

WASHINGTON The chief compliance officer of Britain's HSBC says he is stepping down from that position after an investigation found that lax controls at the international bank allowed Mexican drug cartels to launder billions of dollars through its U.S. operation and other illicit transactions.